The market saw gains over the last 24 hours. Ethereum grew by 8.3%, while Bitcoin, the market king has risen by 3.25%. It is comparable in performance to the other majors’ top cryptocurrencies.
The price range for ETH/USD is $1,362.95- $1,602.61 and has seen significant volatility in the past 24 hour. The overall market cap trades at $181.33 Billion, however, the trading volume dropped by 14.18% to $17.13 Billion, giving the market a dominant 18.3%.
Ethereum suffers setback ahead of Merge
Even after the recent confirmation of the “Ethereum merge” shift to a proof-of-stake (PoS) consensus network in September, Ether (ETH) is down 11.5% in the last seven days.
Tim Beiko, an Ethereum core developer, suggested Sept. 19 as a possible goal date at the Ethereum core developers’ conference call on July 14.
Many years have passed since energy-intensive mining was abandoned. However, a date for scaling scalability with sharding technology has yet to be set. This allows parallel processing and allows for a shift in time. However, other analysts predict that the network’s monetary policy will increase Ether’s value.
USD/ETH trades starting at $1600 TradingView
The “supply shock” effect was noted by Ethereum researcher Vivek Raman. According to the analyst, the “merge” will “reduce ETH’s total supply by 90% ,” even if there is now no reduction in transaction fees.
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The recent dramatic decrease in Ether’s price could be largely attributed to regulatory uncertainty. Yuga Labs is the target of a class-action lawsuit for “inappropriately inducing” the public to purchase nonfungible tokens (NFTs) and the ApeCoin (APE) token. The law firm further asserts that Yuga Labs “inflate the price” of the BAYC NFTs and the APE tokens by using celebrity endorsers and promoters.
Shadow Fork is deployed
Another minor but significant step has been made by Ethereum toward the merger and the blockchain’s much-anticipated switch to proof of stake.
Although it was expected that the 10th shadow split of Ethereum would go live today (more than 26 hours before), it went online yesterday. Shadow forks are a focused test run of the merge’s components; they simulate making one or two particular modifications to the blockchain that will take place in the future.
This is in contrast to complete testnet forks such as the Sepolia testnet earlier this month. This merge, which changes the entire Ethereum mainnet to a testing environment network, has been fully practiced on testnets.
Read more: Why Ethereum is Leading Crypto Market with 16% Rise| Why Ethereum Classic (ETC) Leads Crypto Market In Latest Week With 16% Surge
This week’s shadow fork served as a rehearsal run for the releases that will take place on Ethereum’s last testnet, Goerli, on August 11. The third and final test of this kind will take place before the merger is ready to take effect.
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